Speaker Abbas Warns Nigeria’s Debt has Crossed Dangerous Limits

Speaker of the House of Representatives, Abbas Tajudeen, has raised the alarm that Nigeria’s borrowing has surpassed its statutory ceiling, warning that the mounting debt now poses a serious threat to fiscal stability.

Abbas delivered the warning on Monday while declaring open the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja.

“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from N121.7 trillion the previous year, underscoring how quickly the burden has grown.

“Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 per cent, well above the statutory ceiling of 40 per cent set by our own laws. This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he said.

The Speaker described the breach of the debt limit as “a signal of strain on fiscal sustainability,” insisting on “stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”

The Abuja conference brought together lawmakers, financial experts, and development partners from across West Africa under the theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”

Abbas announced Nigeria’s readiness to lead the establishment of a West African Parliamentary Debt Oversight Framework to harmonise debt reporting across the region, strengthen transparency, and empower parliaments with timely data for monitoring borrowing practices.

He also unveiled a regional capacity-building programme for Public Accounts and Finance Committees to sharpen their skills in debt sustainability analysis and fiscal risk assessment.

While stressing that borrowing remains an important instrument for development, Abbas issued a stern caution:

“Borrowing should support infrastructure, health, education, and industries that create jobs and reduce poverty. Reckless debt that fuels consumption or corruption must be exposed and rejected. Oversight is not just about figures but about the lives and futures behind those figures.”

The Speaker further pledged that the 10th House of Representatives will ensure openness in public finance management, with all major borrowing proposals subjected to public hearings and simplified debt reports made available to citizens.